We spent over 100 hours testing robo-advisors, opening and funding an account with each robo to acquire a true client experience and find the best robo advisors
. In this comparison, we will compare Merrill Edge Guided Investing vs Wealthfront to see which robo-advisor is better.
First, let’s take a look at the fees of these two investment advisors. Cost is broken down into both the annual management fee charged each year as well as the expense ratios charged by the ETF holdings themselves. Wealthfront is a better option with a 4.50 star rating over Merrill Edge Guided Investing's 3.00 star rating.
Looking at both robo-advisors, we can also explore their features. Wealthfront offers tax-loss harvesting while Merrill Edge Guided Investing does not. For running predictions on retirement, clients will want to use a retirement calculator. Wealthfront has an advanced retirement calculator, Merrill Edge Guided Investing doesn't. Tracking personal financial goals can also be important. Wealthfront has goal tracking, Merrill Edge Guided Investing doesn't. Finally, the ability to import and aggregate third-party financial accounts for holistic analysis can be particularly useful. Wealthfront makes external accounts analysis available to clients, while Merrill Edge Guided Investing does not.
Lastly, tech savvy Millennials may find it valuable to have access to customer service through phone, email, and live chat. However, not every robo-advisor offers live chat support. Merrill Edge Guided Investing makes live chat support available to clients, while Wealthfront does not.
Overall, Wealthfront comes out on top with 5.00 stars over Merrill Edge Guided Investing's 3.00 stars. And, as far as individual category awards go, Wealthfront posted awards Best in Class - Cost, Best in Class - Investment Approach and Best in Class - Platforms & Tools, while Merrill Edge Guided Investing found itself with Best in Class - Customer Service.